Welcome to our dedicated page for Radius Recycling news (Ticker: RDUS), a resource for investors and traders seeking the latest updates and insights on Radius Recycling stock.
Radius Recycling, Inc. (NASDAQ: RDUS), formerly known as Schnitzer Steel Industries, Inc., stands as a prominent figure in North America's recycling and steel manufacturing industry. Established in 1906 in Portland, Oregon, the company has evolved from a small, one-man scrap metal operation into a major player in the market, boasting a diversified and vertically integrated business model.
Radius Recycling specializes in the recycling of ferrous and nonferrous metals, including end-of-life vehicles, and the manufacture of finished steel products. Their operational network comprises 54 metals recycling facilities, 50 self-service auto parts stores, and an electric arc furnace steel mill. This extensive infrastructure enables Radius to meet global demand efficiently.
Key Business Units:
- Metals Recycling Business: Processes a substantial quantity of recycled ferrous and nonferrous metals, significantly contributing to environmental sustainability and resource conservation.
- Auto Parts Business: Operates 50 retail stores selling serviceable parts from salvaged vehicles, receiving over 4 million annual visits from retail customers.
- Steel Manufacturing Business: Produces a variety of finished steel products, including rebar and wire rod, using eco-friendly electric arc furnace technology.
Despite the challenges posed by tight supply flows and adverse weather conditions impacting sales volumes, Radius Recycling has demonstrated resilience and adaptability. Recent productivity initiatives aim to reduce selling, general, and administrative expenses by 10%, alongside increasing production efficiencies, expected to yield $40 million in annual benefits.
Recent Financial Highlights:
- Revenue: Achieved $2.5 billion in fiscal 2014, reflecting robust market presence and operational efficiency.
- Global Reach: Positions in 25 states, Puerto Rico, and Western Canada, with deep-water export facilities expanding its market access.
- Strategic Initiatives: Focused on enhancing nonferrous production and expanding recycling services, positioning the company favorably against market headwinds.
Under the leadership of Tamara Lundgren, Chairman and CEO, Radius Recycling remains focused on cost control, operational efficiency, and strategic growth. The company's commitment to sustainability and low-carbon technologies aligns with global decarbonization trends, positioning Radius to capitalize on future market opportunities.
Partnerships and Projects: Radius continues to invest in advanced metal recovery technologies and expand its recycling platform, supporting its mission of promoting environmental sustainability and efficient resource use.
The company will report its financial results for the second quarter of fiscal 2024 on April 4, 2024, with a webcast conference call hosted by Tamara Lundgren and Stefano Gaggini, Senior Vice President and CFO, to discuss the results.
Gurnet Point Capital and Patient Square Capital have successfully completed their acquisition of Radius Health (Nasdaq: RDUS) for $10.00 per share in cash, plus a contingent value right to receive an additional $1.00 if TYMLOS sales exceed $300 million by 2025. Radius, known for its lead product TYMLOS, which treats osteoporosis in postmenopausal women, will be delisted from NASDAQ following the merger. The acquisition aligns with the investors’ strategy to enhance operational efficiencies in healthcare.
The Menarini Group and Stemline Therapeutics announced that the FDA has accepted the New Drug Application (NDA) for elacestrant, an investigational selective estrogen receptor degrader (SERD) for patients with ER+/HER2- advanced or metastatic breast cancer. The NDA, supported by the positive results of the Phase 3 EMERALD study, demonstrates elacestrant's significant efficacy over standard-of-care treatments. The FDA has assigned a PDUFA date of February 17, 2023, and granted Priority Review designation, indicating its potential to improve treatment options significantly.
The Menarini Group and Stemline Therapeutics announced the FDA's acceptance of the New Drug Application (NDA) for elacestrant, a potential treatment for ER+/HER2- advanced or metastatic breast cancer. The FDA has granted Priority Review with a PDUFA date of February 17, 2023. The NDA is supported by Phase 3 EMERALD study results, showing elacestrant's statistically significant efficacy over standard treatment, with a 30% reduced risk of progression in all patients and a 45% reduction in patients with ESR1 mutations. Elacestrant remains investigational and not yet FDA-approved.
Velan Capital Investment Management and Repertoire Partners, holding approximately 7.7% of Radius Health's outstanding shares, announced their withdrawal of director nominations following a proposed sale to Gurnet Point Capital and Patient Square Capital. They believe the sale price does not fully reflect the value of the company and its assets, but express satisfaction that their involvement may help stockholders recover some lost value under the current Board of Directors. They also thanked their qualified director candidates and supporters.
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